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Chesapeake Utilities (CPK) Beats on Q3 Earnings & Revenues

Zacks Equity Research

Chesapeake Utilities Corporation CPK reported third-quarter 2017 operating earnings of 42 cents beating the Zacks Consensus Estimate of 35 cents. Moreover, reported earnings were higher than the year-ago figure of 29 cents by 44.8%.

Total Revenue

Chesapeake Utilities’ total revenues of $126.9 million beat the Zacks Consensus Estimate of $124 million by 2.3%. Further, revenues were up 17.1% from $108.3 million in the prior-year quarter.

Revenues at Regulated Energy decreased 0.4%, and Unregulated Energy revenues increased 49.3%.

Quarterly Highlights

Chesapeake Utilities’ operating expenses were pegged at $112.7 million, up 14.8% from $98.2 million a year ago.

Operating income came in at $14.2 million in the third quarter, up 39.2% from $10.2 million a year ago.

The company incurred interest expense of $3.3 million, up 22.2% from $2.7 million in the prior-year quarter.

Financial Condition

As of Sep 30, 2017, Chesapeake Utilities had cash and cash equivalents of $3.9 million, compared with $4.2 million as of Dec 31, 2016.

Long-term debt (excluding current maturities) was $201.2 million as of Sep 30, 2017, up from the 2016-end level of $136.9 million.

Chesapeake Utilities Corporation Price, Consensus and EPS Surprise

Chesapeake Utilities Corporation Price, Consensus and EPS Surprise | Chesapeake Utilities Corporation Quote

Peer Releases

Southwest Gas Corporation SWX reported third-quarter 2017 earnings from continuing operations of 21 cents per share, beating the Zacks Consensus Estimate of 14 cents by 50%.

ONE Gas, Inc. OGS reported third-quarter 2017 earnings from continuing operations of 36 cents per share, beating the Zacks Consensus Estimate of 28 cents by 28.6%

MDU Resources Group, Inc. MDU reported third-quarter 2017 earnings from continuing operations of 46 cents per share, missing the Zacks Consensus Estimate of 50 cents by 8%

Zacks Rank

Chesapeake Utilities Corporation currently carries a Zacks Rank #3 (Hold).

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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